PayPal is Buying Braintree to Expand Mobile Payment Offerings
PayPal announced today that it has agreed to acquire Braintree, a mobile payment processing payment company that handles transactions in 130 currencies in more than 40 countries. PayPal reportedly paid $800 million for the Chicago-based startup.
David Marcus, the president of PayPal, wrote about the acquisition on the PayPal blog. He explained that Braintree will operate as a separate service offered by PayPal, and will continue to maintain business as usual. Braintree clients include: Airbnb, OpenTable, Uber, and TaskRabbit.
Here is more about the news from Marcus’ blog post:
As a separate service offered by PayPal, Braintree will be able to scale its platform at a rate that is just not possible for a startup.
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